Board Minutes
IOWA LAKES ELECTRIC COOPERATIVE
Board of Directors Meeting
April 23, 2026
ONLINE MINUTES
The meeting of the Iowa Lakes Electric Cooperative Board of Directors was called to order at 7 p.m. by Board Chair Dan Winterhof on April 23, 2026, at the Cooperative’s Service Center in Spencer, Iowa. Executive Assistant Amy Howard assisted in the taking of minutes thereof.
The following directors were present either in person or by video conference: Bruce Amundson, Ben Ashland, Jerry Beck, Chad Boysen, Jason Glienke, Nick Kerns, Jared Larsen, Alan Madden, Crystal Pluth, Gary Rouse, Mark Tuttle, Trent Will, Roger Williamson and Dan Winterhof.
Also present for the meeting were President and CEO Ryan Craig, Vice President of Operations and Engineering Aaron Ruschy, Vice President of Finance/CFO Shelly Tredway, Vice President of Customer and Corporate Relations Jen Sievert, Executive Assistant Amy Howard and Cooperative Attorney Scot Bauermeister.
AGENDA
Board Chair Winterhof asked if there were any additions to the Board Agenda. Being none, it was moved and seconded to approve the agenda. Motion carried.
MINUTES
Board Chair Winterhof asked if there were any changes or corrections to the March 26, 2026, Board Meeting minutes, to the April 11, 2026, Annual Meeting minutes and to the April 11, 2026, Board Reorganizational Meeting minutes as provided. Being none, it was moved and seconded to approve the minutes. Motion carried.
UNFINISHED BUSINESS
Attorney Bauermeister reported there was no pending litigation.
NEW BUSINESS
Memberships for Approval (Action)
It was moved and seconded to approve the memberships as presented. Motion carried.
Tariff Section 17.5.24 Large Loads & Tariff Article 10 Metering (Action)
President and CEO Craig reviewed the proposed revisions to Tariff Section 17.5.24 Large Loads and Tariff Article 10 Metering. Following discussion, it was moved and seconded to approve the revisions as presented. Motion carried.
A copy of the new Tariff sheets are attached as part of these minutes.
Annual Board Duties & Responsibilities Presentation
Attorney Bauermeister provided an interactive presentation on board duties and responsibilities. Bauermeister reviewed the seven cooperative principles, what good governance means and the board of directors’ management responsibilities which include the following Fiduciary Duties: 1) Duty of Care, 2) Duty of Loyalty, 3) Duty of Candor and 4) Duty of Obedience.
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Annual Governance Report
President and CEO Craig reviewed the Board Governance Questionnaire.
VP/CFO Financial Report
Vice President Tredway reviewed the financials for March 2026. Discussion followed.
NRECA Governance Talk Video
The Board of Directors viewed NRECA Governance Talk Video – Battery Technology Update.
Vice President Reports
Vice President Ruschy reviewed his monthly report.
Vice President Sievert reviewed her monthly report. Sievert reported 196 member-owners and 287 individuals in total attended the 2026 Annual Meeting. Sixty scholarship recipients were awarded a total of $51,000 in scholarships.
Vice President Tredway provided a ballot recap. A total of 1,262 ballots were received for 2026 annual meeting election.
President and CEO Report
President and CEO Craig reviewed his monthly report, which included an overview of meetings he attended during the past month and an update on the Cooperative’s strategic priorities. Craig provided a review of the timeline outlining prior discussions and considerations regarding the future of the Cooperative’s wind farm assets. Craig then reviewed progress to date regarding the potential sale of the cooperative’s two wind farm assets and what lies ahead in the process. Discussion followed.
G&T Reports
Basin – Director Beck provided a Basin report.
Corn Belt Power Cooperative – President & CEO Craig and Director Beck provided a Corn Belt report.
NIPCO – President & CEO Craig and Secretary Will provided a NIPCO report.
IAEC – Director Amundson provided a Statewide report.
DIRECTOR’S MEETING AND TRAINING REPORTS
Directors who attended the NIPCO Annual Meeting on April 7 and the Corn Belt Annual Meeting on April 8 gave an overview of the annual meetings.
MISCELLANEOUS
Board Chair Winterhof reminded everyone in attendance the next regularly scheduled Board of Directors meeting will be held at 7 p.m. on Thursday, May 28, 2026, at the Spencer Service Center.
Board Chair Winterhof requested miscellaneous items be brought before the Board of Directors for discussion and attention at this time.
Board Treasurer Pluth reviewed the journal of checks and master credit card statements issued for the month of March 2026 prior to the meeting.
Board Treasurer Pluth and Board Secretary Will reviewed and approved the director per diem forms for the month of April 2026.
ADJOURNMENT
There being no further business to be brought before the Board of Directors, it was moved and seconded to adjourn. Motion carried.
Approved May 28, 2026
Trent A. Will, Secretary